Japan Implements Crypto Friendly Tax Policy and HSBC Hong Kong Lets Customers Trade Crypto ETFs
Crypto markets pulled back today, BTC is down 1.44% and ETH is down 2.81%. Altcoins took a bigger hit, especially those that Robinhood is delisting and expected to sell later this week amid the SEC’s crackdown (Cardano, Solana, and Matic). ADA, SOL 5.70% , and MATIC are down 4.01%, 4,13%, and 3.62%, respectively. Interestingly, many of the “DeFi 1.0” tokens (DeFi protocols launched in 2019 and 2020) saw large gains over the weekend. AAVE, COMP -2.78% , and SNX -0.22% each rose over 30% over the weekend and have since given back some of their gains. According to on-chain data, these rallies were driven by individuals or funds buying, with one Whale purchasing $17.2M AAVE over the weekend and holding $31.8M total. Traditional markets also pulled back today. SPX and NDQ are down 0.24% and 1.05%.
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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -2.31% falling to $60k and ETH -1.90% approaching the low $2,300s. Aptos (APT -0.18% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -1.91% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -2.31% climbing back above $61,000 and SOL -3.62% moving above $145, while ETH -1.90% is lagging, trading around $2,400. Among today's outperformers is SUI -3.24% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY -1.33% and QQQ -1.88% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC -2.31% briefly dropping below $62k and ETH -1.90% below $2.5k. Among altcoins, SUI -3.24% is showing...
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